Page 355 - Watauga FY22-23 Budget
P. 355

NOTICE OF PUBLIC HEARING

                                        ON TAX INCREASE


     A tax rate of $0.570200 per $100 valuation has been proposed by the governing body of the City of
     Watauga.

                            PROPOSED TAX RATE                 $0.570200 per $100
                            NO NEW REVENUE TAX RATE           $0.530859 per $100
                            VOTER APPROVAL RATE               $0.584200 per $100

     The no-new-revenue tax rate is the tax rate for the 2022 tax year that will raise the same amount of property tax revenue for
     City of Watauga from the same properties in both the 2021 tax year and the 2022 tax year.

     The voter-approval rate is the highest tax rate that City of Watauga may adopt without holding an election to seek voter
     approval of the rate.

     The proposed tax rate is greater than the no-new-revenue tax rate. This means that City of Watauga is proposing to increase
     property taxes for the 2022 tax year.

     A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON
     September 12, 2022, at 6:30 p.m. at City Hall, 7105 Whitley Road, Watauga, Texas
     76148.

     The proposed tax rate is not greater than the voter-approval tax rate. As a result, City of Watauga is not required to hold an
     election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to
     the proposed tax rate by contacting the members of the City Council of the City of Watauga at their offices or by attending the
     public hearing mentioned above.

           YOUR TAXES OWED UNDER ANY OF THE RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:
                               Property tax amount= (tax rate) x (taxable value of your property)/100

     The members of the governing body voted on the proposal to consider the tax increase as follows:

     FOR:  Patrick Shelbourne, Place 1, Lovie Downey, Mayor Pro Tem, Place 3, Andrew Neal, Place 4, Malissa Minucci, Place 5,
     Mark Taylor, Place 6, Jan Hill, Place 7
     AGAINST:  None
     PRESENT and not voting:  Arthur Miner, Mayor     ABSENT:  Tom Snyder, Place 2

     Visit Texas.gov/Property Taxes to find a link to your local property tax database on which you can easily access information
     regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that
     taxes your property.

     The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of
     property taxes in the state.

     The following table compares the taxes imposed on the average residence homestead by City of Watauga last year to the taxes
     proposed to be imposed on the average residence homestead by City of Watauga this year.
                               2021                     2022                      Change
      Total tax rate (per $100 of   $0.580400           $0.570200                 decrease of -0.0102, or -1.76%
      value)
      Average homestead taxable   $173,486              $194,835                  increase of 21,349, or 12.31%
      value
      Tax on average homestead    $1,006.91             $1,110.95                 increase of 104.04, or 10.33%
      Total tax levy on all properties  $8,637,384      $9,264,868                increase of 627,484, or 7.26%
     For assistance with tax calculations, please contact the tax assessor for City of Watauga at 817-514-5822, or
     accounting@wataugatx.org, or visit www.wataugatx.org for more information.
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